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First HoldCo has recorded one of the strongest rallies on the Nigerian Exchange this year, surging 46 percent in four consecutive trading sessions before extending its gains to ₦105.50 per share.
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The remarkable rally has been fuelled by Chairman Femi Otedola’s continued share purchases, heavy institutional demand, and growing optimism that the group’s upcoming half-year earnings will reinforce its strong growth trajectory.
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With its market capitalisation climbing to about ₦4.8 trillion, analysts say sustained buying momentum and solid financial results could further strengthen First HoldCo’s position among Nigeria’s most valuable listed banking groups.
July 20, (THEWILL) — First HoldCo has emerged as the Nigerian Exchange’s hottest banking stock after its shares rallied 46.3 percent in four consecutive trading sessions before extending the gains to ₦105.50 per share, lifting the company’s market capitalisation to about ₦4.8 trillion.
The remarkable run has been driven by a combination of billionaire investor confidence, growing expectations of strong half-year earnings, and aggressive institutional buying ahead of the group’s capital-raising plans.
With investors scrambling to secure positions, the banking giant has delivered one of the most impressive rallies on the Nigerian Exchange this year, recording successive price gains that have placed it firmly at the centre of market attention.
Four Straight Trading Sessions
The rally began on Tuesday, July 14, when First HoldCo climbed from ₦65.60 to ₦72.15, the maximum daily gain permitted on the Nigerian Exchange, with more than 326.9 million shares changing hands.
The momentum continued the following day as the stock rose another 10 percent to ₦79.35, before extending its winning streak to ₦87.25 on Thursday.
By Friday, investors had pushed the stock to a then-record ₦95.95, completing four consecutive limit-up sessions and delivering a cumulative gain of more than 46 percent in just four trading days.
The bullish momentum has since continued, with First HoldCo advancing further to ₦105.50 per share, underscoring sustained investor confidence and strong buying interest.
Trading activity has remained exceptionally strong throughout the rally, with more than 670 million shares exchanged during the initial four-session surge as institutional investors accumulated significant positions.
Why Investors Are Buying
One of the biggest catalysts behind the rally has been Chairman Femi Otedola’s decision to increase his stake in the company through the acquisition of nearly 65 million additional shares.
The move has been widely interpreted as a strong vote of confidence in the group’s long-term prospects, encouraging both institutional and retail investors to increase their exposure.
Market sentiment has also been boosted by expectations of robust half-year earnings following solid first-quarter performance and sustained revenue growth.
Investors are equally positioning ahead of the group’s recapitalisation programme, which many believe could strengthen the bank’s balance sheet, improve capital buffers, and support future expansion.
Could First HoldCo Climb Even Higher?
With the stock now trading at ₦105.50 per share, First HoldCo has become one of the Nigerian Exchange’s most closely watched banking stocks.
If buying momentum continues and the group’s upcoming financial results meet market expectations, analysts believe the company could further consolidate its position among Nigeria’s largest and most valuable listed banking groups.
Some market participants also believe the sustained rally could reshape the competitive ranking within the banking sector if earnings remain strong and investor appetite persists.
However, market watchers caution that sustaining such rapid gains will ultimately depend on whether earnings growth, recapitalisation plans and overall business performance justify the sharp increase in valuation.
For now, First HoldCo remains one of the market’s standout performers, with investors keen to see whether the banking giant can sustain its extraordinary rally in the weeks ahead.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
